Australian market set for gains

The Australian market looks set to open higher after the Bank of England cut interest rates and revived a bond-buying program to cushion the economic blow from Britain's June 23 vote to leave the European Union.

At 0655 AEST on Friday, the share price index was up 15 points at 5,450.

Locally, in economic news investors will be keenly watching the Reserve Bank of Australia's statement on monetary policy after the central bank on Tuesday cut the cash rate to a record low of 1.5 per cent.

The Australian Industry Group/Housing Industry Association performance of construction index for July is also later in the day.

In equities news, Virgin Australia will detail full year results, while Qantas chief executive Alan Joyce will speak at the CAPA Summit in Brisbane.

In Australia, the market on Thursday closed modestly higher after a positive lead from US markets and a lift in the oil price which boosted energy stocks.

The benchmark S&P/ASX 200 index closed 10.1 points, or 0.18 per cent higher, at 5,475.8 points, while the broader All Ordinaries index was up 12 points, or 0.22 per cent, at 5,563.4 points.

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